http://mises.org/journals/qjae/pdf/qjae6_4_2.pdf

In short, Krugman, and the others like him, suffer from an irrational fear of deflation that is not grounded in real economic principle and ignores the fact that it was the inflationary policies of banks, and governments, that routinely influenced the boom-bust cycle. With the boom occurring during credit expansion and the bust occurring either after the consumers had gorged themselves on the easy credit and stopped using it, or realized that they needed to pay their debts off, and stopped spending to do that, or the banks yanked the proverbial rug out from under the consumer's legs and starved them of credit that they were still addicted to, or a combination of the two.

More importantly, this would seem to be the equivalent of a full broadside aimed at the flawed economic theorists pushed by Keynesians and other interventionists.

Apoplithorismosphobia - the irrational fear that the economy will "suffer" from falling prices, or deflation (despite the fact that the primary actor behind the deflation is the very people that the economy serves, the consumers.)

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Libertas inaestimabilis res est - Liberty is a thing beyond all price. | Sic Semper Tyrannis